retail groups

The negotiated settlement meant to end the longstanding dispute over credit card interchange moved closer to becoming final last week as attorneys for both sides in the dispute proposed a final settlement agreement to the U.S. District Court in New York and made a motion for its approval.

Accusing him of supporting “crony capitalism,” a group of retailers have run advertisements against freshman Sen. Mike Lee (R-Utah) for being a backer of a measure that would delay the implementation of a Federal Reserve rule regulating interchange.

The U.S. Justice Department announced last week that a long-running antitrust investigation against the three largest card brands has ended in a settlement with two of the three and litigation against the third.

Consumer and retail groups are praising the U.S. Department of Justice's actions against major credit card brands, but analysts are split about whether the moves will result in real lower prices for consumers.